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Places that offer excellent opportunities for anyone looking to take a diamond in the rough and polish it into a lasting gem

Old Southwest, Roanoke, Virginia

A 10-minute saunter from downtown Roanoke, Old Southwest was developed in the late 19th and early 20th centuries as a residential area for well-to-do merchants and those who profited from the many railroads that once intersected here. Until the end of World War II, it was considered one of the most fashionable neighborhoods in town, but after the war, many residents moved to embrace a new housing trend, the suburbs, leaving stately old houses to the mercy of developers, who chopped them into apartments or razed them. In recent years, as downtown Roanoke has been revitalized with facade improvements and new businesses so too has Old Southwest, which appeals to newcomers who appreciate well-crafted houses with expansive porches and classic columns.

The HousesMost were constructed between the 1880s and the 1930s. Styles include fanciful Queen Annes, as well as Georgian Revivals, Gothic Revivals, and American Foursquares. Many retain their stained-glass windows and slate or metal roofs. Prices average $175,000, but expect to find some for as little as $10,000 or as much as $800,000, depending on size and condition. The neighborhood is listed on both the Virginia Landmarks Register and the National Register of Historic Places.

Why Buy Here?The neighborhood was listed as a "Hot 'Hood" by USA Today in 2010, thanks to its proximity to the city's lively downtown. A neighborhood organization, Old Southwest Inc., hosts an annual Holiday Parlor Tour of Homes and other neighborhood events. Roanoke's location in the Blue Ridge Mountains makes it a destination for outdoor enthusiasts too, and 32-acre Highland Park offers sports facilities and a dog park.